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UNI Finance worries about the consequences of the wave of consolidation in the European and American finance industries following the global financial crisis. Bank mergers may be necessary in some cases to save banks from bankruptcy. However, the creation of more banking giants might also create bigger risks in the next financial crisis. Already in this crisis governments had to bail out many financial institutions because they were "too big to fail".



UNI Finance favours a financial industry where private bank and insurance companies coexist with public banks, savings banks and insurances, co-operative banks, mutual insurance companies and foundations.



The Belgian government was forced to find a new buyer for Fortis after the Netherlands decided to nationalise the company's Dutch operations. Belgium will nonetheless keep a blocking minority of 25 percent. Belgium and Luxembourg will become shareholders in BNP Paribas, a French multinational finance company.



BNP Paribas paid €9bn for Fortis's banking operations in Belgium and Luxembourg as well as €5.5bn for Fortis Insurance Belgium.



Related news:

24/09/2007 Statement - UNI-Europa Finance demands the preservation of the diversity of the European financial services markets